It will soon be the 10-year anniversary of when, in early October 2007, the S&P 500 Index hit what was its highest point before losing more than half its value over the next year and a half during the global financial crisis.

Do amateur athletes have disability insurance options to protect their potential future earnings as a professional athlete? What if the player suffers an injury/illness that is not career ending but significantly decreases the athlete’s value? What is the eligibility for coverage?

Congratulations on receiving your first signing bonus payment. But, I’m guessing you are wondering if the team withheld too much tax or not enough. To make matters worse, what the team withholds is most likely different than what you will actually owe. Understanding your first paystub can be confusing which is why we have put together this guide.

We were all saddened to hear of the recent passing of Yordano Ventura. While the baseball community mourns the loss of another young superstar we cannot help but think about his family. As wealth managers responsible for the management of a player’s affairs we hope that Ventura’s agent, financial team, and family had done everything necessary to plan for this unforeseen tragedy. We felt it prudent to share a few key planning items to ensure future players and their families are protected.

As a professional athlete, there are several planning strategies you can take advantage of that can potentially save you thousands of dollars, which is why it’s important to find a qualified Certified Public Accountant (CPA®) who specializes in working with athletes.

It’s easy to get nervous when markets become unsettled. We are here to guide you through these emotionally difficult times and put you in the best possible situation to realize your financial goals.

The two fatal mistakes athletes make are hiring the wrong advisors and trusting them far too much. Earlier this week 60 Minutes aired “Thrown for a Loss” which shared the sad story of how several of the NFL’s biggest stars lost a total of $43 million in a risky venture brought to them by a financial adviser registered by their own union. Away from the NFL limelight, there’s mounting concern that young, rich and unsophisticated players in the league are falling through financial trap doors, often led by the very advisers paid to protect their new found wealth.

The most common financial mistake we see Major League players make is not taking advantage of all the tax savings strategies available to them. This results in a player paying more taxes than necessary and missing out on years of future growth of the tax savings amount. There are 3 critical planning opportunities you will want to make sure you take advantage of this off-season.

The problem you face as a professional athlete is not the lack of people willing to extend a helping hand but the number of unqualified advisors soliciting your business. Thanks to the widespread flow of information on the internet it seems that everyone is now a financial guru. The biggest risk that you face is listening to bad financial advice from unqualified people.

Why do we play the game? The simple answer: to win. If MLB teams did not care about the outcome of the game, they would choose players based on who they liked, who they were friends with, and who they were related to. We all know this would never happen and is why teams invest hundreds of millions of dollars into building the best team possible. When there is something of great value on the line, most people will commit their time, energy, and resources into creating the best opportunity to succeed.

You have heard it said before, you are different than the average individual when it comes to wealth but exactly how? There is the obvious financial difference that your salary as an athlete is far greater than the average individual but that is only the beginning.

This year is unique in that the total amount of pre-tax and employer contributions to the MLB Vanguard 401(k) Investment Plan could exceed the IRS limit for total contributions in one year.

Are you familiar with how a signing bonus is paid out? Historically, teams have split the gross amount into two equal payments over two years. It is a common misperception that the 50/50 payment structure is the only option. Not only is this false, for the majority of players it is also the least advantageous.

April 30th marked the first full paycheck players received. Were you surprised by the amount you received? Do you feel like your team is withholding too much in taxes?

It is hard to be concerned about what will happen 20 to 30 years in the future while you are focused on performing at the highest level on the field today.